JPMorgan Funds statistics report: High Yield Fund

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE JPMorgan Funds statistics report: High Yield Fund Must be preceded or accompanied by a prospectus. jpmorganfunds.com

Table of contents PERFORMANCE DURATION Performance at NAV 3 Effective duration (%) 13 Calendar year returns 3 ATTRIBUTION EXPENSES Contribution to Performance (Monthly) (%) 14 Annual expenses 4 Contribution to Performance (Quarterly) (%) 15 CHARACTERISTICS Contribution to Performance (Annual) (%) 16 Fund statistics 5 COUNTRY EXPOSURE RATINGS AND RANKINGS Country breakdown (%) 17 Lipper rankings 6 DISCLOSURE Morningstar ratings 6 Disclosures 18 HOLDINGS Top 10 Issuers 7 Top holdings w/sector (%) 7 SECTORS Industry breakdown ex-cash (% market value) 8 Sector allocation (%) 9 Industry breakdown ex-cash (% market value) 9 Dollar default rate (%) 10 QUALITY BREAKDOWN Quality breakdown - bank loans (%) 11 AVERAGE LIFE Weighted average life (%) 12 2 STATISTICS REPORT: HIGH YIELD FUND

Performance Share class - inception date share class # A Shares - 11/13/1998 3588 with max 3.75% sales charge C Shares - 3/22/1999 3599 1 with max 1.00% CDSC Bloomberg Barclays U.S. Corporate High Yield - 2% Issuer Capped Index 1 month (%) -0.10-3.83-0.14-1.14-0.03 3 months (%) -0.12-3.82-0.38-1.38 0.02 YTD (%) -0.53-4.30-0.88-1.88-0.24 2.35 3.78 AVERAGE ANNUAL TOTAL RETURNS (as of 3/31/2018) I Shares - 11/13/1998 3580 * -0.07-0.05-0.43 1.89 3.23 3.86 4.12 7.30 5.76 5.52 5.63 R2 Shares - 11/3/2008 1046 1-0.13-0.21-0.68 1.29 2.65 3.28 3.58 6.74 5.15 4.93 5.06 R3 Shares - 8/21/2017 2718 1-0.10-0.14-0.57 1.52 2.87 3.53 3.81 7.03 5.40 4.94 5.28 R4 Shares - 8/21/2017 2719 1-0.08-0.07-0.46 1.79 3.14 3.79 4.07 7.27 5.65 5.44 5.54 R5 Shares - 5/15/2006 3488 1-0.07-0.04-0.41 1.94 3.28 3.90 4.16 7.36 5.81 5.70 5.68 R6 Shares - 2/22/2005 3938 1-0.06-0.02-0.37 2.04 3.39 3.98 4.25 7.42 5.91 5.81 5.79 1.64-2.17 1.12 0.12 2.99-0.90 2.47 1.47 3.60 2.27 3.08 3.08 5.18 3.91 3.12 3.34 3.34 5.00 7.06 6.65 6.43 6.43 8.32 5.29 5.00 30-day unsubsidized SEC yield The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111. 1 yr (%) 1 yr (%) 3 yrs (%) 5 yrs (%) 10 yrs (%) 30-day SEC yield 5.07 4.79 Dividend yield 5.22 4.90 Calendar year returns 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 A Shares - 11/13/1998 3588-22.67 48.04 14.46 2.26 14.48 6.85 2.37-4.75 13.56 6.42 C Shares - 3/22/1999 3599-23.15 47.08 13.55 1.73 13.78 6.18 1.90-5.31 12.92 6.02 I Shares - 11/13/1998 3580-22.54 48.45 14.67 2.65 14.81 6.94 2.67-4.54 13.75 6.65 R2 Shares - 11/3/2008 1046-22.95 47.71 14.08 2.02 14.22 6.41 2.14-5.09 13.26 6.09 R3 Shares - 8/21/2017 2718-22.72 48.16 14.44 2.44 14.56 6.68 2.40-4.83 13.40 6.28 R4 Shares - 8/21/2017 2719-22.54 48.45 14.67 2.65 14.81 6.94 2.66-4.59 13.68 6.55 R5 Shares - 5/15/2006 3488-22.46 48.46 14.69 2.67 14.75 7.13 2.72-4.63 13.93 6.70 R6 Shares - 2/22/2005 3938-22.47 48.61 14.82 2.58 14.92 7.16 2.76-4.59 14.00 6.82 Bloomberg Barclays U.S. Corporate High Yield - 2% Issuer Capped Index -25.88 58.76 14.94 4.96 15.78 7.44 2.46-4.43 17.13 7.50 3 STATISTICS REPORT: HIGH YIELD FUND

Expenses Annual expenses Gross expense (%) Net expense (%) A Shares 1.23 1.00 C Shares 1.72 1.50 I Shares 0.98 0.75 R2 Shares 1.57 1.35 R3 Shares 1.23 1.10 R4 Shares 0.98 0.85 R5 Shares 0.71 0.70 R6 Shares 0.71 0.60 4 STATISTICS REPORT: HIGH YIELD FUND

Characteristics Fund statistics Average Coupon Average Life Average Price - Bonds Average Price - Excl. Equities, Pfds, & Escrows Average Price - Loans Convexity Current Yield Effective Duration Number of Issuers Options Adjusted Spread** Turnover - 1 Yr Trailing Yield to Worst** **excludes bank loans Fund 6.47 6.04 97.29 97.12 93.81-0.15 6.47 4.25 398 394 47.37 6.68 5 STATISTICS REPORT: HIGH YIELD FUND

Ratings and rankings Lipper rankings Category: High Yield Funds A C I R2 R3 R4 R5 R6 1 Year 57(378/668) 72(481/668) 47(310/668) 68(449/668) 45(297/668) 41(268/668) 3 Years 57(318/562) 79(444/562) 47(260/562) 72(403/562) 45(251/562) 43(240/562) 5 Years 51(238/468) 74(345/468) 41(189/468) 64(300/468) 39(182/468) 35(164/468) 10 Years 32(95/302) 57(171/302) 23(68/302) 21(63/302) 19(57/302) The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings. Morningstar ratings Category: High Yield Bond A C I R2 R3 R4 R5 R6 Overall /584 /584 /584 /584 Not yet rated Not yet rated /584 /584 3-Year /584 /584 /584 /584 Not yet rated Not yet rated /584 /584 5-Year /490 /490 /490 /490 Not yet rated Not yet rated /490 /490 10-Year /321 /321 /321 Not yet rated Not yet rated Not yet rated /321 /321 The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Different share classes may have different ratings. 6 STATISTICS REPORT: HIGH YIELD FUND

Holdings Top 10 Issuers Top holdings w/sector (%) Issuer SPRINT CORPORATION VALEANT PHARMACEUTICALS INTERNATIONAL, INC HCA HEALTHCARE INC TENET HEALTHCARE CORPORATION CHARTER COMMUNICATIONS INC CALIFORNIA RESOURCES CORPORATION INTELSAT SA JBS S/A CEMEX SAB DE CV ROYAL BANK OF SCOTLAND GROUP PLC Fund 2.46 2.21 1.94 1.66 1.63 1.38 1.25 1.25 1.24 1.18 Holdings Embarq Corp., 7.995%, 06/01/2036 California Resources Corporation-lx, 0%, 12/31/2021 Valeant Pharmaceuticals International, Inc., 5.875%, 05/15/2023 Garda World Security Corp., 8.75%, 05/15/2025 Cemex SAB de CV, 7.75%, 04/16/2026 CCO Holdings LLC, 5.875%, 04/01/2024 Albertsons Cos. LLC, 6.625%, 06/15/2024 CVR Partners LP, 9.25%, 06/15/2023 SUPERVALU, Inc., 7.75%, 11/15/2022 HCA, Inc., 5.375%, 02/01/2025 Sector Telecommunication Services Energy Health Care Industrials Materials Telecommunication Services Consumer Staples Materials Consumer Staples Health Care % 1.01 0.80 0.79 0.75 0.72 0.71 0.64 0.59 0.57 0.56 7 STATISTICS REPORT: HIGH YIELD FUND

Sectors Industry breakdown ex-cash (% market value)* Industry Breakdown MV% - Excludes Cash Chemicals Metals & Mining Paper Aerospace/Defense Building Materials Construction Machinery Diversified Manufacturing Environmental Packaging Cable Satellite Media Entertainment Wireless Wirelines Automotive Consumer Cyc Services Gaming Home Construction Leisure Lodging Restaurants Retailers Consumer Products Food/Beverage Healthcare Pharmaceuticals * Due to rounding, values may not total 100%. Fund 2.47 4.00 0.45 2.10 2.32 1.50 1.44 1.89 7.77 4.13 4.91 3.72 2.05 2.67 2.65 1.07 0.91 0.33 0.77 1.44 0.99 2.45 6.61 3.18 Benchmark 2.71 4.28 0.50 2.03 1.56 1.16 1.12 0.31 2.62 7.28 3.78 4.52 3.91 1.92 1.81 2.78 2.34 0.96 0.58 1.11 2.35 1.41 1.99 6.99 2.50 Industry Breakdown MV% - Excludes Cash Supermarkets Tobacco Independent Midstream Oil Field Services Refining Banking Brokerage Assetmanagers Exchanges Finance Companies Financial Other Health Insurance Life P&C REITS - Healthcare REITS - Office REITS - Other Industrial Other Technology Airlines Railroads Transportation Services Electric Total # of Industries Fund 2.42 6.72 4.83 3.27 0.36 2.99 0.15 2.49 1.35 0.57 0.20 0.58 0.33 1.06 7.52 0.20 0.40 2.67 44 Benchmark 0.63 0.14 6.65 4.28 3.20 0.30 2.96 0.48 2.99 0.84 0.72 0.48 0.60 0.30 0.04 0.50 1.30 7.18 0.35 0.03 1.01 2.49 47 8 STATISTICS REPORT: HIGH YIELD FUND

Sectors Sector allocation (%)* Industry breakdown ex-cash (% market value)* US Invst Grade Corporate Bonds US High Yield Corporate Bonds Bank Loans Non US High Yield Corporate Bonds Preferred Stock Equity Cash Total * Due to rounding, values may not total 100%. Fund 0.44 69.59 4.60 21.50 0.38 0.87 2.62 100.00 Basic Industry Capital Goods Communications Consumer Cyclical Consumer Noncyclical Energy Finance Industrial Other Technology Transportation Utility * Due to rounding, values may not total 100%. Fund 6.92 9.25 20.52 11.89 15.65 15.18 8.72 1.06 7.52 0.60 2.67 Benchmark 7.50 8.80 19.50 13.86 13.65 14.43 9.90 1.30 7.18 1.40 2.49 9 STATISTICS REPORT: HIGH YIELD FUND

Sectors Dollar default rate (%)* Year Since Inception (annualized) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 *Through May 31, 2018 JPMHY Issuer Default Rate 2.21 0.76 1.74 1.54 0.63 0.41 0.40 1.02 1.54 0.90 7.61 2.24 0.36 0.36 1.59 0.79 2.96 6.12 8.11 Moody's Issuer Default Rate 4.26 1.42 3.00 4.50 3.50 2.00 2.90 2.60 1.80 3.17 13.00 4.10 0.90 1.60 1.90 2.20 5.20 8.21 10.20 Year Since Inception (annualized) 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 JPMHY Dollar Default Rate 1.95 0.37 0.93 0.93 0.70 0.54 0.23 1.16 2.89 0.42 5.51 2.71 0.09 0.03 2.25 0.32 2.51 6.01 8.73 Moody's Dollar Default Rate 4.81 0.79 1.50 3.50 3.40 1.80 1.10 1.90 1.80 1.60 15.60 5.80 0.60 1.10 3.80 2.60 5.50 16.13 12.80 10 STATISTICS REPORT: HIGH YIELD FUND

Quality breakdown Quality breakdown - bank loans (%)* Baa Ba B Caa & Lower NR * Due to rounding, values may not total 100%. Fund 0.67 39.73 44.44 13.29 1.87 11 STATISTICS REPORT: HIGH YIELD FUND

Average life Weighted average life (%)* Less than one year Years 1-4.99 Years 5-9.99 Years 10 and over * Due to rounding, values may not total 100%. Fund 4.13 41.24 48.93 5.71 12 STATISTICS REPORT: HIGH YIELD FUND

Duration Effective duration (%)* 0 to 1 Years 1 to 3 Years 3 to 5 Years 5 to 7 Years 7 to 10 Years 10 to 15 Years Totals * Due to rounding, values may not total 100%. Fund 9.56 16.91 37.18 28.49 6.02 1.83 100.00 13 STATISTICS REPORT: HIGH YIELD FUND

Attribution Contribution to Performance (Monthly) (%) Average Weighting Return Asset Security Allocation Selection Total Effect 1 Asset Class Fund Benchmark Fund Benchmark High Yield Bonds 91.64 100.00-0.03-0.02 - - -1.17 bps Leveraged Loans 4.53 0.00-0.23 0.00 - - -0.94 bps Equities 1.21 0.00 4.93 0.00 - - 5.89 bps Cash 2.63 0.00 0.17 0.00 - - 0.29 bps Credit Ratings Fund Benchmark Fund Benchmark BBB 38.57 43.63-0.41-0.34 3.98 bps -5.13 bps -1.15 bps BB 43.07 42.26 0.05 0.04 0.61 bps -0.02 bps 0.59 bps B 12.85 13.92 0.60 0.82 1.20 bps -4.74 bps -3.54 bps CCC & Below 0.76 0.00-0.38 0.00-0.39 bps 0.00 bps -0.39 bps Outperforming Sectors Fund Benchmark Fund Benchmark Utility 2.76 2.48 2.27 0.61-0.05 bps 4.65 bps 4.60 bps Banking 2.86 3.02-0.56-1.68 0.18 bps 3.23 bps 3.40 bps Independent 6.55 6.56 0.58 0.21 0.03 bps 2.36 bps 2.39 bps Underperforming Sectors Fund Benchmark Fund Benchmark Cable Satellite 7.39 7.28 0.27 0.64 0.08 bps -2.73 bps -2.65 bps Oil Field Services 3.27 3.17 0.60 1.44 0.28 bps -2.71 bps -2.43 bps Wirelines 3.60 3.95-0.41 0.10-0.02 bps -1.84 bps -1.86 bps 1 Total Effect sums Asset Allocation and Security Selection, calculation methodology available upon request. For informational purposes only and may not necessarily represent the account's reporting performance. All returns are shown gross of fee. 14 STATISTICS REPORT: HIGH YIELD FUND

Attribution Contribution to Performance (Quarterly) (%) Average Weighting Return Asset Security Allocation Selection Total Effect 1 Asset Class Fund Benchmark Fund Benchmark High Yield Bonds 91.70 100.00-0.13 0.05 - - -16.39 bps Leveraged Loans 4.48 0.00 0.57 0.00 - - 2.59 bps Equities 1.16 0.00 17.18 0.00 - - 19.59 bps Cash 2.65 0.00 0.50 0.00 - - 0.40 bps Credit Ratings Fund Benchmark Fund Benchmark BBB 0.64 0.05 1.09-0.04-0.13 bps 0.25 bps 0.12 bps BB 38.54 43.41-0.99-0.70 6.34 bps -13.66 bps -7.32 bps B 43.58 42.37 0.38 0.44 4.21 bps -6.26 bps -2.06 bps CCC & Below 12.43 13.97 4.55 1.22-2.26 bps -8.04 bps -10.29 bps Outperforming Sectors Fund Benchmark Fund Benchmark Utility 2.88 2.61 4.05 0.79-0.08 bps 9.33 bps 9.25 bps Wireless 4.92 4.81 2.80 1.74-0.01 bps 5.26 bps 5.25 bps Banking 2.66 2.88-0.65-2.31 0.45 bps 4.61 bps 5.06 bps Underperforming Sectors Fund Benchmark Fund Benchmark Independent 6.75 6.69 0.08 1.20 0.07 bps -7.93 bps -7.85 bps Cable Satellite 7.39 7.28-0.12 0.56 0.05 bps -4.91 bps -4.86 bps Finance Companies 2.56 3.01-0.65 0.36-0.09 bps -2.57 bps -2.65 bps 1 Total Effect sums Asset Allocation and Security Selection, calculation methodology available upon request. For informational purposes only and may not necessarily represent the account's reporting performance. All returns are shown gross of fee. 15 STATISTICS REPORT: HIGH YIELD FUND

Attribution Contribution to Performance (Annual) (%) Average Weighting Return Asset Security Allocation Selection Total Effect 1 Asset Class Fund Benchmark Fund Benchmark High Yield Bonds 91.23 100.00 2.43 2.49 - - -3.26 bps Leveraged Loans 4.43 0.00 1.77 0.00 - - -3.32 bps Equities 1.01 0.00 34.38 0.00 - - 34.22 bps Cash 3.33 0.00 1.49 0.00 - - -12.99 bps Credit Ratings Fund Benchmark Fund Benchmark BBB 0.62 0.01 2.52-0.04-0.09 bps 0.25 bps 0.16 bps BB 39.75 43.98 1.13 1.25 10.05 bps -7.77 bps 2.29 bps B 40.77 40.61 2.50 2.57 8.27 bps -10.03 bps -1.76 bps CCC & Below 13.32 15.19 8.31 6.10-18.84 bps -8.72 bps -27.56 bps Outperforming Sectors Fund Benchmark Fund Benchmark Utility 3.05 2.64 15.49 7.21 1.94 bps 24.25 bps 26.19 bps Gaming 2.40 2.86 6.22 1.45 0.50 bps 11.35 bps 11.85 bps Technology 7.56 7.19 3.53 2.11 0.14 bps 9.60 bps 9.73 bps Underperforming Sectors Fund Benchmark Fund Benchmark Independent 6.36 6.59 2.70 5.32-2.11 bps -17.01 bps -19.12 bps Consumer Products 1.07 1.33-19.46-1.51 0.21 bps -18.02 bps -17.81 bps Cable Satellite 7.33 7.31-0.37 0.45-0.22 bps -6.09 bps -6.31 bps 1 Total Effect sums Asset Allocation and Security Selection, calculation methodology available upon request. For informational purposes only and may not necessarily represent the account's reporting performance. All returns are shown gross of fee. 16 STATISTICS REPORT: HIGH YIELD FUND

Country exposure Country breakdown (%)* Australia Bermuda Canada Cayman Islands Finland France Germany International Ireland Italy Luxembourg Mexico Netherlands Norway United Kingdom US Total * Due to rounding, values may not total 100%. Fund 0.28 0.42 6.32 2.37 0.20 1.17 0.14 1.67 0.53 0.10 3.35 1.24 1.29 0.08 3.35 77.51 100.00 17 STATISTICS REPORT: HIGH YIELD FUND

RISKS ASSOCIATED WITH INVESTING IN THE FUND: The following risks could cause the fund to lose money or perform more poorly than other investments. For more complete risk information, see the prospectus. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates rise, the value of these investments generally drops. Securities rated below investment grade are considered "high-yield," "non-investment grade," "below investment-grade," or "junk bonds." They generally are rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although they can provide higher yields than higher rated securities, they can carry greater risk. Investments in derivatives may be riskier than other types of investments. They may be more sensitive to changes in economic or market conditions than other types of investments. Many derivatives create leverage, which could lead to greater volatility and losses that significantly exceed the original investment. RETURNS: 1 The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information. ANNUAL OPERATING EXPENSES: The Fund s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation and extraordinary expenses) exceed 1.00% for A Shares, 0.70% for R5 Shares, 0.60% for R6 Shares, 1.50% for C Shares, 0.75% for I Shares, 1.35% for R2 Shares, 1.10% for R3 Shares and 0.85% for R4 Shares of the average daily net assets. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund s adviser has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the fees and expenses of the affiliated money market funds incurred by the Fund because of the Fund s investment in such money market funds. This waiver is in effect through 10/31/2018 for A Shares, 10/31/2018 for R5 Shares, 10/31/2018 for R6 Shares, 10/31/2018 for C Shares, 10/31/2018 for I Shares, 10/31/2018 for R2 Shares, 8/20/2018 for R3 Shares and 8/20/2018 for R4 Shares, at which time the adviser and/or its affiliates will determine whether to renew or revise it. The difference between net and gross fees includes all applicable fee waivers and expense reimbursements. PORTFOLIO STATISTICS: Average Coupon: A calculation of the total interest cost for a bond issue expressed as a percentage. Average Life: The length of time the principal of a debt issue is expected to be outstanding. Average Price: The average price of a bond is calculated by adding its face value to the price paid for it and dividing the sum by two. The average price is sometimes used in determining a bond's yield to maturity where the average price replaces the purchase price in the yield to maturity calculation. Convexity: A measure of the change in a security s duration with respect to changes in interest rates. The more convex a security is, the more its duration will change with interest rate changes. Current Yield: Current yield is an investment's annual income (interest or dividends) divided by the current price of the security. This measure looks at the current price of a bond instead of its face value. Current yield represents the return an investor would expect if the owner purchased the bond and held it for a year, but current yield is not the actual return an investor receives if he holds a bond until maturity. Duration: Measures price sensitivity of fixed income securities to interest rate changes. Option-adjusted spread (OAS) is the spread relative to a risk-free interest rate, usually measured in basis points, that equates the theoretical present value of a series of uncertain cash flows of an instrument to its current market price. OAS can be viewed as the compensation an investor receives for assuming a variety of risks (e.g. liquidity premium, default risk, model risk), net of the cost of any embedded options. High portfolio turnover will likely result in additional tax consequences. Yield to Worst: An estimate of the lowest yield that you can expect to earn from a callable bond when holding to maturity, absent a default. QUALITY DISTRIBUTION: The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such. HOLDINGS: The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable. 18 STATISTICS REPORT: HIGH YIELD FUND

MORNINGSTAR AND LIPPER: The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10- year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Rankings do not take sales loads into account. The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings. INDEXES DEFINED: Mutual funds have fees that reduce their performance: indexes do not. You cannot invest directly in an index. The Bloomberg Barclays U.S. Corporate High Yield - 2% Issuer Capped Index is comprised of fixed rate, non-investment grade debt securities that are dollar denominated and non-convertible. The index limits the maximum exposure to any one issuer to 2%. SHARECLASS OPTIMIZATION: * Effective April 3rd,Selectshare class becameishare class. 19 STATISTICS REPORT: HIGH YIELD FUND

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing. Total return figures (for the fund and any index quoted) assume payment of fees and reinvestment of dividends (after the highest applicable foreign withholding tax) and distributions. Without fee waivers, fund returns would have been lower. Due to rounding, some values may not total 100%. J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds. JPMorgan Distribution Services, Inc. is a member of FINRA/SIPC. J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co and its affiliates worldwide. JPMorgan Chase & Co., June 2018 MFDP-HY-1-0518 jpmorganfunds.com